Oakbay Resources had repaid a total of R212.5m and the accrued interest remained at R250m, he added.

The IDC debt stems from a R250m loan to Oakbay in 2010 to buy its uranium mine, which was subsequently renamed Shiva Uranium. Controversially, a contractual amendment meant R255.5m in capitalised interest was traded for shares in 2014.

"This matter is now subject to litigation in an effort to recover IDC’s exposure of R287.5m. The R287m is made up of R37.5m remaining capital of the original R250m loan and R250m return on the original loan," said Patel.